RateSupermarket.ca’s founder, Kelvin Mangaroo, appeared on CTV’s Canada AM this morning to discuss yesterday’s mortgage rate increases by RBC, TD & Laurentian Bank. They increased their 3, 4 and 5 year fixed rates by 0.20% – 0.60% as a result of increasing Government of Canada bond yields. This was one of the biggest single day mortgage rate increases in over 10 years and we expect that this is the start of an increasing mortgage rate environment.

Many of the other lenders are expected to follow with their own rate increases today and for the rest of the week.